| 30 May 2024, Thursday |

Rapid increase in black-market dollar

The black-market dollar exchange rate soared-up rapidly this Thursday morning, ranging between 25050 pounds for sale and 25100 pounds for purchase.
Yesterday, the dollar exchange rate closed between 24,200 – 24,250 Lebanese pounds per US dollar.
The Lebanese pound has been rapidly declining against the dollar since 2019, coinciding with a major liquidity crisis and banks refusing to provide depositors with money in dollars, despite the fact that the official exchange rate remains fixed at 1,507 pounds.
The Lebanese pound has lost around 90% of its value over the last two years, pushing three-quarters of the population into poverty.
Economists warned of the repercussions of Lebanon’s crisis with the Gulf states on the Lebanese economic reality, pointing out that the productive sectors that were an input for the dollar would be affected, in addition to the closure of Saudi institutions in Lebanon.
Experts expected more pressure, especially on the dollar’s exchange rate, the rise in unemployment and economic stagnation.